Balance Transfers May Not Be As Attractive As They Look

You’ve seen them over and over. Until the credit crunch of 2008 brought the credit market to a standstill, the average consumer was finding their mailbox filled with credit card offers. 0% APR was the bold print on the outside of the envelope. The advertisements were telling us that if we transferred our balances from our old credit cards, we would pay no interest for 6 months or a year or even longer.

These offers are sure to return in some form in the future so let’s take a look at balance transfers and why they may not be the best idea for you. Knowing this information now will prepare us for the day when these envelopes start showing up in our mailboxes again.

You may have taken advantage of one of these enticing offers. Joan did. She wrote to my website and asked this question: “I have a credit card balance of approximately $5,000. I have great credit and received an offer to transfer my balance to another card for an interest rate much lower than my current card. Is this too good to be true?”

Joan’s question is a question that most of us have asked about balance transfers. First, if you have excellent credit and you foresee paying you debt in full within a short amount of time, one balance transfer to a card that has terms and conditions similar to your current card may be just fine but we have to look at the offer on the new card without looking at the introductory rate.

In a certain amount of time, 6 months or 1 year normally, that introductory rate will run out and you will be left with a new set of terms and conditions so what will your interest rate be at this time next year? Is it 1% for 6 months and then 20% after that? That’s not a good deal for somebody will great credit.

Is there an annual fee? If so, what is it? The implication here is that you will go through the hassle of applying for your new card, transferring the balance and hoping it all goes smoothly, save some money on interest and then give your savings back in an annual fee. It’s not worth the time and effort on your part to do all of that work just to break even.

Did you know that you should try to minimize how many times your credit file is accessed? Bouncing from credit card to credit card doing balance transfers probably isn’t a good idea because it is looked down upon when you are constantly applying for credit. That’s a red flag in the minds of real lenders whom you might visit for a home or car loan or student loan.

Finally, there is no substitute for simply getting those bills paid off to get the specter of debt off of your back. Some people work so hard to get the best deal that they forget about the simple fact that there balance is doing nothing but getting larger while they’re applying for card after card. As most of us will attest, dealing with customer service departments can take up valuable time in your day and often, it involves taking a day off of work when those larger scale problems arise. Stories abound about those who do balance transfers every 6 months to avoid paying interest on their debt. Something inevitably goes wrong and time has to be spent trying to get it resolved. Avoid problems like this by going without some wants for a while and paying off those credit cards. Your family and your sanity will certainly thank you in the end.

Facts on Bad Credit Military Auto Loans

Being in the military has certain advantages in the personal finance market, such as lower rates on car insurance, discounts at certain stores, as well as the ability to apply for military loans. These are personal finance instruments tailor-made for service men and women.

Not only may you get a good deal on a car because of being a service member, you may also qualify for an auto loan with lower interest rates, lower fees, and more comfortable repayment terms, even if your credit rating is somewhat lacking. A bad credit military auto loan can put you in the driving seat.

Guilty or Innocent

Bad credit happens, especially in the rough and tumble financial times in which we find ourselves. Many folks have taken some bad hits on their credit reports, either because of late payments, defaults, or even bankruptcy.

Or, maybe you just have not had a chance to establish yourself when it comes to using credit. Having no credit puts one into pretty much the same state as having bad credit. You have yet to prove yourself when it comes to using credit wisely.

Car Loans Are Available

In spite of the fact that you have a credit history that is not perfect or is just not existent, you can land a loan and you will not have to pay through the nose to get it. While bad credit auto loans are available to the general public, interest rates and fees are rather high because of the risk the lender is taking. Also, repayment terms might not be so comfortable.

With bad credit military auto loans, you will be paying interest fees that are higher than those for good credit borrowers, but you will find that military loans have better interest rates, lower fees, and more comfortable repayment terms than those for the bad credit general public. Shopping and scrutinizing are very important.

Traditional vs. Private Lenders

Traditional lenders such as banks and credit unions have tightened up their requirements for credit. Nowadays even good credit borrowers have a little trouble getting loans. Seeing this gap in the market has called forth some private lenders willing to take a risk with bad credit military auto loans. In fact, so many are out there now that you will be able to do some shopping to find the best bad credit auto loan to suit your financial situation.

Your best bet is to go shopping on the internet. Many lenders have set up shop there. Simply punch the key phrase into your browser: Bad Credit Military Auto Loans. You will be rewarded with the websites of many lenders willing to extend auto loans to you. You will even find brokers who will take your general information and compile a list of lenders most likely to approve your loan in light of your present financial situation. Since many will forgo a credit check, the turnaround time to get your loan approved could be as little as 24 hours.

Get That Car

Before you go shopping for a loan, you need to go shopping for a car. Be prepared to tell your lender the model and cost of the car you desire. If the lender is willing to cover you, you can walk onto the dealer lot with enough confidence to wrangle a good deal since your financing is pre-arranged.

Chapter 7 Bankruptcy Exemptions 101

Filing for  bankruptcy , whilst not appealing, is the greatest accessible choice in some situations. Even as this kind of, the choice to file is a life-altering event that has been an enduring consequence. One of the most unpleasant immediate consequences is the lack of individual property and belongings, which are generally auctioned to generate cash to stay on the actual filer’s debts. Luckily, federal assuring laws and regulations provide for a number of chapter 7  bankruptcy  exemptions. These chapter seven  bankruptcy  exemptions permit those filing for  bankruptcy  the ability to keep certain assets as well as property.

Laws governing the actual chapter seven  bankruptcy  exceptions fluctuate by condition. There are some government laws and regulations, which offer consistency on the couple of products, especially retirement benefits, for example, interpersonal security as well as veterans benefits. Certain government employee pension benefits will also be guarded through section 7  bankruptcy  exceptions, such as retirement benefits, death and disability advantages, and survivor advantages.

State laws and regulations regarding chapter 7  bankruptcy  exemptions tend to be harder to describe because they differ widely between states. Anybody who is filing for  bankruptcy  must be sure to collect an up-to-date list of the laws and regulations for that specific state by which they’re submitting. A few items, nevertheless, are generally guarded, although the levels change from state to state. In most cases, chapter 7  bankruptcy  exemption allows for the protection of a homestead up to a particular size and dollar amount limitations. In a number of states, retirement benefits are protected as well, as are burial plots associated with varying sizes. The majority of states additionally allow for the exemption associated with clothing.

While some states impose limitations about the dollar quantities, a few allow for an unlimited quantity of personal clothing as chapter 7  bankruptcy  exemptions. Any time your  bankruptcy  filing, another terrible chance is for income to be garnished to settle the actual creditors. Fortunately, the laws and regulations governing the actual chapter 7  bankruptcy  exceptions in most states limit the percentage associated with wages that may be withheld under the  bankruptcy  procedures. Even though  bankruptcy  is deeply unpleasant as well as a life-altering event, enjoying the particular part 7  bankruptcy  exceptions allowed through federal and state laws, and regulations are an important way for visitors to keep some of their simplest and most important property and possessions. Anybody experiencing this particular difficult event is sure to be grateful for the actual safety that these laws provide in keeping essential products such as homes as well as clothing from the auction block.

Debt Settlement Explained in a Nutshell

Debt settlement is a debt relief option available to consumers in America. A debt settlement program is a very powerful and aggressive form of debt relief meant to relieve debtors within three years. There are many companies ready to help consumers negotiate with their creditors. Here’s a step-by-step explanation of how these programs work:

  • The client enrolls their debts into the program.
  • The company opens a trust savings account in the client’s name.
  • The client makes one monthly payment for all of the debts combined into the savings account.
  • The company’s arbitrators negotiate with the creditors when there is enough money saved.
  • After one card is paid off, the cycle repeats until the program period has passed – the client continues making payments into the savings account and the arbitrators negotiate when funds are available.

Once your debts are paid down, make sure you stay current on your secured loans like mortgage payments and auto loans because they’ll help improve your credit score tremendously and within a year or two your credit score will be in the 700s allowing you to apply for loans and lines of credit while keeping the interest rates low and somewhat reasonable.

Debt settlement is one of the most powerful tools available for consumers today. It’s the most aggressive approach to relieving debt and should be used for relieving legitimate financial and medical hardships. Always remember, before putting your trust with any company, make sure they have a high rating with the Better Business Bureau and an impeccable proven track record.